[ad_1] <br><div> <p><strong>Multichain lending protocol Hundred Finance received hacked on <a target="_blank" href="https://beincrypto.com/price/ethereum/" class="autolink" rel="noopener">Ethereum</a> layer2 scaling answer Optimism, resulting in a lack of about $7 million.</strong></p> <p>The <a target="_blank" href="https://beincrypto.com/learn/decentralized-finance-and-use-cases/" class="glossary-only-link" rel="noopener">DeFi</a> platform <a target="_blank" href="https://twitter.com/HundredFinance/status/1647290085476384768?s=20" rel="nofollow noopener">confirmed </a>the exploit on April 15, stating that it has contacted the hacker and is presently working with varied <a target="_blank" href="https://beincrypto.com/learn/top10-must-have-cryptocurrency-security-tips/" class="glossary-only-link" rel="noopener">security</a> groups. The protocol additional urged anybody who might assist with data to succeed in out.</p> <p>“As soon as once more we hope the hacker will attain out again to us and we will discover a joint answer to resolve this matter,” the staff tweeted.</p> <p>In the meantime, this isn't the primary time Hundred Finance has been hacked. In 2022, Hundred Finance and Agave have been <a target="_blank" href="https://beincrypto.com/hundred-finance-loses-6-5-million-in-defi-reentrancy-attack/" rel="noopener">exploited</a> in a reentrancy assault on Gnosis Chain. On the time, the 2 platforms misplaced $11 million.</p>
<p>Hundred is a fork of the favored Compound protocol and has been deployed on a number of blockchains.</p> <h2>How Was Hundred Finance Hacked?</h2> <p>In line with <a target="_blank" href="https://twitter.com/peckshield/status/1647307128267476992?s=20" rel="noopener">Peckshield</a>, the hacker stole the funds by donating 200 <a target="_blank" href="https://beincrypto.com/learn/wrapped-bitcoin-wbtc/" class="glossary-only-link" rel="noopener">WBTC</a> to inflate the trade fee for hWBTC. This made it attainable to empty the lending swimming pools with a tiny quantity of hWBTC.</p> <figure class="wp-block-image size-large"><img decoding="async" src="https://s32659.pcdn.co/wp-content/uploads/2023/04/image-183-850x339.png" alt="Hundred Finance Hack" class="lazy wp-image-306076"/><figcaption class="wp-element-caption">Hundred Finance Hack (Supply: <a target="_blank" href="https://twitter.com/peckshield/status/1647307128267476992?s=20" rel="nofollow noopener">Peckshield</a>)</figcaption></figure>
<p>One other blockchain safety agency Certik corroborated Peckshield’s discovering. Certik <a target="_blank" href="https://twitter.com/CertiKAlert/status/1647330607565885441?s=20" rel="noopener">wrote</a> that the attacker manipulated the trade fee between ERC-20 tokens and htokens. By donating a considerable amount of WBTC to htoken contract, the hacker triggered the trade fee to rise. </p> <p>The attacker later capitalized on that fee to take a big borrow place beneath the brand new trade fee and redeemed the preliminary quantity they deposited. The hack resulted in a $7.4 million loss for Hundred.</p> <p>In the meantime, Numen Cyber <a target="_blank" href="https://twitter.com/NumenAlert/status/1647256283890761732?s=20" rel="noopener">reported</a> a lack of 1030 ETH valued at over $2 million.</p> <p>Earlier right this moment, the Hundred Finance staff <a target="_blank" href="https://twitter.com/HundredFinance/status/1647465798665945088?s=20" rel="nofollow noopener">advised</a> its neighborhood to cease speculating on how the assault occurred. The protocol wrote that its fundamental focus is to contact the attacker and attain an settlement.</p> <blockquote class="wp-block-quote"> <p>“In parallel we're gathering all data out there as a way to have that useful for attainable additional steps”</p> </blockquote>
<h2 id="h-defi-hacks-in-2023">DeFi Hacks in 2023</h2> <p>This incident additional highlights the dangers of <a target="_blank" href="https://beincrypto.com/learn/ethereum-decentralized-finance-revolution/" class="glossary-only-link" rel="noopener">DeFi</a> and provides to the rising tally of losses from hacks in 2023. After a comparatively quiet begin to the 12 months, DeFi hacks have picked up steam up to now few weeks, beginning with Euler Finance <a target="_blank" href="https://beincrypto.com/euler-finance-recovers-stolen-funds-eul-token-price/" rel="noopener">hack</a> in March.</p> <p>DeFi protocols like Allbridge, Sentiment, and <a target="_blank" href="https://beincrypto.com/learn/what-is-yearn-finance-yfi/" class="glossary-only-link" rel="noopener">Yearn Finance</a> have been <a target="_blank" href="https://beincrypto.com/aave-yearn-finance-allegedly-exploited-misconfigured-address/" rel="noopener">exploited</a> in the course of the first two weeks of April. In line with DeFillama <a target="_blank" href="https://defillama.com/hacks" rel="noopener">data</a>, these hacks resulted in additional than $20 million in losses.</p> <figure class="wp-block-image size-large"><img decoding="async" src="https://s32659.pcdn.co/wp-content/uploads/2023/04/image-184-850x160.png" alt="DeFi Hacks" class="lazy wp-image-306077"/><figcaption class="wp-element-caption">DeFi Hacks in April (Supply: <a target="_blank" href="https://defillama.com/hacks" rel="nofollow noopener">DeFillama</a>)</figcaption></figure> <div class="notice"><h3>Disclaimer</h3> <p>In adherence to the Belief Venture pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed data. Nonetheless, readers are suggested to confirm information independently and seek the advice of with an expert earlier than making any choices based mostly on this content material.</p> </div> </div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://beincrypto.com/hundred-finance-hacked-for-7m/">Source link </a>